Richard Perry Recommends Royal Bank of Scotland
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The event features some of the most influential minds in the financial community, offering their best ideas relating to investing.
CEO of Perry Capital, Richard Perry, has just named Royal Bank of Scotland (NYSE: RBS) as his favorite equity pick in the market.
Perry cited the bank's restructuring of assets and the fact that the bank is highly liquid as reasons for the choice.
Perry also noted that RBS is protected from major future losses due to the UK government's implementation of an “asset protection scheme.”
The plan applies to $160 billion dollars worth of RBS' most risky assets. In the event of major losses, the government would cover 90% of the drawdown, while RBS would be responsible for the remaining 10%.
Perry said that the company has “huge upside potential” and is a great investment on a risk versus reward basis.
